Which of the following statements is CORRECT? a. Sole proprietorships and partne

Question

Which of the following statements is CORRECT?

a. Sole proprietorships and partnerships generally have a tax advantage over corporations.
b. Corporations of all types are subject to the corporate income tax.
c. One of the disadvantages of incorporating your business is that you could become subject to the firm's liabilities in the event of bankruptcy.
d. In any partnership, every partner has the same rights, privileges, and liability exposure as every other partner.
e. Sole proprietorships are subject to more regulations than corporations.

Explanation / Answer

Sole proprietorships and partnerships generally have a tax advantage over corporations.

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